Highlights from the National Association of REALTORS® Profile of Buyers & Sellers

July 19, 2013

“[In 2012,] the typical For Sale by Owner listing sold for $174,900; while a home listed with a real estate professional typically garnered $215,000—a sizable difference of $40,100.”

Earlier this year, the National Association of REALTORS® released a Profile of Buyers & Sellers, based on responses obtained from a nationwide survey of consumers in 2012. What follows are some key findings of the report.

Married couples constitute 65% of all home buyers, the highest percentage since 2001.  Conversely, only 16% of all buyers were single females, the lowest level since 2001.  Of all buyers, 39% were purchasing their first home.  Not surprisingly, the median income for first-time home buyers was significantly lower ($61,800) than repeat buyers ($93,100).shaheen-w-clientsWEB

Most buyers (79%) chose to purchase a single family detached home.  In addition to their similar choice of housing type, the overwhelming majority of buyers (90%) used the Internet in their home search process.  For 41% of these buyers, consulting online home search sites was the first step they undertook.  While buyers may have begun the home search process online, a full 89% engaged a real estate agent to assist them with the actual search—viewing an average of ten homes over twelve weeks.

Demonstrating once again that referrals are an important component of any REALTOR®’s marketing plan, 40% of buyers and 38% of sellers used an agent who was referred to them by a friend or family member.  Indicating excellent customer service, 90% of buyers responded that they would use their agent again; the number was even higher for sellers—93%.

Finally, a factoid for any seller considering going it alone:  the typical For Sale by Owner listing sold for $174,900; while a home listed with a real estate professional typically garnered $215,000—a sizable difference of $40,100.

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